Estate planning is a critical task that ensures your assets are managed and distributed as you wish after your death. It's a process that involves preparation, understanding, and, often, professional advice. Whether you're just starting or revising your plan, here are ten essential estate planning insights everyone should know about. 1.) Estate Planning Isn't Just for the Wealthy It's a common misconception that estate planning is only for the wealthy. In reality, everyone should have a plan … [Read more...] about 10 Vital Estate Planning Insights
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As 2024 Approaches, Schedule an Estate Plan Review
As you count down the days to the New Year, your focus is likely on celebrations and resolutions. However, there’s another important activity that should make your end-of-year checklist: an estate plan review. Much like your annual physical or your yearly financial audit, an estate plan review is essential for your long-term well-being and that of your loved ones. The Significance of Annual Reevaluation Your estate plan isn’t static; it should evolve as your life does. Whether you've had … [Read more...] about As 2024 Approaches, Schedule an Estate Plan Review
Incentive Trust Benefits: Real-World Case Studies
Estate planning offers various tools to help you secure your family's future. One such tool, often overlooked, is the incentive trust. This type of trust can motivate your beneficiaries in unique and meaningful ways. In this blog, we’ll dive into the benefits of an incentive trust and explore some case studies that illustrate its utility. What Is an Incentive Trust? An incentive trust is a legal arrangement that provides financial benefits to its beneficiaries based on specific conditions. … [Read more...] about Incentive Trust Benefits: Real-World Case Studies
Yes, Millennials Need Estate Plans
A lot of people think that estate planning is something that you do not have to think about until you are a senior citizen. In fact, according to a survey that was conducted by Caring.com this year, 67 percent of adults do not have estate plans in place. Surprisingly, only 46 percent of individuals that are 55 years of age and older have wills or trusts, but the numbers are far worse for millennials. This is disturbing because estate planning is important for all responsible adults. Young … [Read more...] about Yes, Millennials Need Estate Plans
LGBTQ+ Estate Planning: Ensuring Your Legacy
Estate planning is an essential aspect of financial planning, allowing individuals to organize their assets and ensure their wishes are carried out after their passing. While it's often overlooked, LGBTQ+ estate planning is particularly crucial for members of this community due to unique legal and familial considerations. The Significance of Estate Planning for LGBTQ+ Individuals Estate planning for LGBTQ+ individuals is not just about distributing assets; it's about safeguarding their loved … [Read more...] about LGBTQ+ Estate Planning: Ensuring Your Legacy
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Should I Contest My Parent’s Will?
If you recently experienced the death of a parent, you are undoubtedly going through an extremely emotional time period. Making decisions when you are highly emotional is not usually a wise idea; however, there are a number of practical and legal decisions that often must be made shortly after the death of a loved one. You may, for example, be thinking about contesting your parent’s Last Will and Testament. Such an important decision should never be made without first consulting with an … [Read more...] about Should I Contest My Parent’s Will?
Can You Draw Up Your Own Will By Hand?
Since so many people go through life without any estate planning documents, some folks finally decide to take the matter into their own hands, quite literally. About 11 years ago, there was an interesting story circulating about a couple of handwritten wills, and we will revisit it here. Thomas Kinkade Thomas Kinkade was a successful artist that called himself the “Painter of Light.” He was quite prolific, and he made a lot of money, but he was also a prolific imbiber of alcohol. In 2012, … [Read more...] about Can You Draw Up Your Own Will By Hand?
The Horrors of Dying Intestate
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
